Denzel Rodriguez talks with an expert about what to do when you inherit an annuity. Start by calling the insurer's claims department to find out if you can restructure it or switch to a different payout option. One example: a grandmother and granddaughter set up a joint-life annuity that paid the granddaughter $500 a month for life.
Have you ever seen or are you. Or have you worked with cases where people inherit an annuity and if. And if that can be restructured?
Absolutely, yeah. So the first thing this is. Yeah, this, this could be a whole other video. But the first thing you do is got to call the claims department at the insurance company. Got to find out what the options are. Sometimes the parent has chosen an irrevocable option, so they're just going to get what they get. Sometimes it's a fixed number of payments, sometimes it's a lifetime payment, but a lot of times, or in some cases, they have the ability of creating their own annuity. And again, that applies to interest rates. Right now, if the bonuses on new annuities are really high, which sometimes you can get an upfront premium bonus to roll over an annuity, it may make sense to rebonus that annuity and take a higher income payment with the higher interest rate environment that we have today. So it really, that's, again, it would be a perfect example of, let us audit the company and your options with you. Let us call, get all the options for you and explain them to you. So if there are better options. But you know, one of my favorite things that I really like to do, Denzel, is, and it doesn't come up all the time, but when you have a grandma or a grandpa that really wants to set something special up for grandkids or their kids, you can do joint life annuities with someone that's not your spouse. So one of my favorite ones I ever helped a lady with was she, like, loved her granddaughter so much. And her granddaughter had always struggled financially, and she had. And the grandma had done very well. She was 95 years old. And we set up a joint lifetime income annuity with the 95 year old and her granddaughter. And when I called that, I mean, you know, and I was very close to the client. When she passed away, I went to her funeral. I was very emotional. She was like a grandma to me. But when I was able to call her granddaughter and go, your grandma set up a $500 payment for you for the rest of your life? She was like, I mean, blown away. It was so beautiful. And the crazy part about it is when you talk about legacy, now this girl gets a check with her and her grandma's name on it every single month for the rest of her life.
So think about, like the emotion with.
That emotional, oh, my gosh, it's so powerful, man. It's so special to be a part of. So there's no limit on the creativity and what you can do, and that's what makes it so special.
